Advanced Innergy Holdings (ASX:AIH) has entered into an exclusivity agreement with Matrix Composites & Engineering (ASX:MCE) following a non-binding proposal to acquire 100% of MCE's shares at AU$0.40 each through a scheme of arrangement, according to a Tuesday Australian bourse filing.
Matrix Composites & Engineering is restricted under the agreement from pursuing or engaging with other potential buyers until April 28, while Advanced Innergy retains the right to match any competing offer, the filing said.
The proposal remains non-binding and contingent on final agreements and approvals, so its progression is not guaranteed, the filing added.
The shares of both companies rose past 1% in recent Tuesday trade.
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